What is a revocable living trust?

A revocable living trust is a legal document in which funds are placed into a trust and managed by a trustee. This trust can be used to manage assets during life and after death for the benefit of designated beneficiaries and the trust creator. In Washington, a revocable living trust is also known as a “living trust.” A revocable living trust allows the trust creator, known as the grantor, to transfer certain assets into the trust. The assets can include money, property, stocks, and bonds. The grantor can also manage these assets and the trust, which are kept separate from their personal assets. The grantor can also decide how assets in the trust will be used during their lifetime. For example, they can designate that the assets of the trust be used to pay for certain healthcare or educational expenses. After the grantor passes away, the assets of the trust can be used for the benefit of the beneficiaries that they have designated. The grantor can also revoke or change the terms of the trust at any time during their lifetime. This means that if the grantor’s wishes change, they can make adjustments to the trust so that it reflects their wishes. In summary, a revocable living trust is a legal document in which assets can be transferred and managed for the benefits of beneficiaries and the trust creator. The grantor can also decide how assets are used and revoke or change the terms of the trust.

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